Partnership Acquires Bush Tower Leasehold
Gus Delaporte Sept. 17, 2013, 11:20 a.m.
A partnership between Tribeca Associates and Meadow Partners has acquired a long-term leasehold interest in the 30-story Bush Tower in Midtown Manhattan from American Properties. Terms of the deal, financed by Mesa West Capital, were not disclosed.
“We are delighted to have acquired the leasehold interest in the property with its proximity to Bryant Park and its adjacency to some of the finest office product in Midtown including 1 Bryant Park, 1095 Avenue of the Americas and 4 Times Square,” said Elliott Ingerman, principal of Tribeca Associates, in a prepared statement. “We will be able to offer boutique-size tenants a full-floor presence in one of the most desired locations in Midtown and at the crossroads of all major public transportation.”
The buyers will upgrade and reposition the property, which has been rechristened 130 West 42nd Street at Bryant Park. Architecture firm Fogarty Finger has been tapped for the project, which will include a glass façade for the two-story entrance on 42nd Street and a modernized lobby. Ownership also plans to initiate a prebuild program.
“This is a historic mid-block building that will be renovated and reintroduced to the market with the efficient floor plate of a modern tower, and the light and air you’d expect in a corner Avenue building,” added Tim Yantz, principal of Meadow Partners. “130 West 42nd Street is really a sort of buried treasure, and we are excited to unearth, polish and reintroduce to the market.”
A CBRE leasing team of David Hollander, Paul Walker and Christie Harle has been retained as exclusive agents for the building.
Built in 1918, the neo-gothic Bush Tower was originally owned by Irving T. Bush, founder of the Bush Terminal Company. Lessor American Properties has owned the building since 1983.